Three Abraaj Executives Charged in U.S. Fraud Investigation

Three additional former executives of The Abraaj Group were charged in New York in a fraud investigation into the firm’s collapse last year that was the world’s biggest private-equity insolvency, Bloomberg News reported. Former Chief Financial Officer Ashish Dave, former Managing Director Rafique Lakhani and former Managing Director Waqar Siddique were charged with multiple counts including fraud and conspiracy, in an indictment unsealed Thursday. James Margolin, a spokesman for Manhattan U.S. Attorney Geoffrey Berman, declined to say whether any of the men are in custody. Abraaj, which was founded in 2002, was the Middle East’s biggest private equity fund and one of the world’s most influential emerging-market investors, with stakes in health care, clean energy, lending and real estate across Africa, Asia, Latin America and Turkey. Read more